Packard Plant owner Palazuelo promises to have a master plan for site within 4 months

Mar. 20, 2014

Packard Plant owner Fernando Palazuelo speaks during a panel discussion following the debut of 'Packard: The Last Shift' at the Detroit Free Press inaugural Freep Film Festival on Thursday at The Fillmore Detroit. / Ryan Garza / Detroit Free Press

Written by

Detroit Free Press Business Writer

Fernando Palazuelo, the new Peru-based owner of the Packard Plant, told an audience at Thursday night’s Freep Film Festival that he hopes to finish a master redevelopment plan for the site within three to four months.

Once that plan is completed, Palazuelo said, he will be ready to meet with potential tenants. After the first tenants commit, he can approach banks and investors for financing.

Assisting with the master plan is Albert Kahn Associates, the namesake Detroit firm founded by the plant’s architect.

“We are finishing still our homework, which is double what we thought,” Palazuelo said during a panel discussion that followed the world premiere of the documentary “Packard: The Last Shift.”

The Spanish-born Palazuelo restated his pledged to create an apartment for himself within the Packard Plant, although he no longer appears on pace to accomplish that goal by what was his self-imposed deadline of April 9 — his 59th birthday.

“I will try to do it this year,” he said. “I still have nine months.”

Palazuelo said several large companies have already expressed some interest in the redeveloped Packard site.